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Unformatted text preview: Accounts receivable $100,000 Revenue $100,000 h) Acme collected $25,000 of the $100,000 referred to in item g). Cash $25,000 Accounts receivable $25,000 i) Acme incurred and paid wage expenses of $10,000. Wage expenses $10,000 Cash $10,000 2. (0.5 point each item) For items a) through i) above, indicate the effect (increase, decrease, or no effect) the event/transaction has on total assets, total liabilities and total equity. (The first item has already been answered.) Item Total Assets Total Liabilities Total Equity (a) increase increase no effect (b) increase no effect increase (c) no effect no effect no effect (d) no effect increase decrease (e) no effect no effect no effect (f) increase no effect increase (g) increase no effect increase (h) no effect no effect no effect (i) decrease no effect decrease 1...
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This note was uploaded on 11/08/2010 for the course ACT ACT3391 taught by Professor R.turpin during the Fall '10 term at Troy.
- Fall '10